II.4.47.

I am a market participant with reporting obligations pursuant to Article 8(1) of REMIT. However, I failed to register with the NRA of the Member State in which I am established before 7 April 2016 when the reporting obligations started. What should my actions be?

Answer: In accordance with Article 9(1) of REMIT, market participants entering into transactions which are required to be reported to the Agency pursuant to Article 8(1) of REMIT are obliged to register with the NRA in the Member State in which they are established or resident. Market participants established or resident in a third country shall designate a representative in a Member State in which the market participants are active and register with the NRA of that Member State.

Market participants shall submit their registration form to the relevant NRA prior to the first day on which they enter into transactions which are required to be reported to the Agency.

Consequently, the Agency considers that any person who enters into a transaction which is required to be reported, and without having submitted the registration form to the relevant NRA, is in breach of Article 9 of REMIT.